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Requirements elicitation is indeed a critical phase in the business analysis process, but it is not categorized as a planning and monitoring approach. Instead, it focuses on gathering and defining the needs and expectations of stakeholders regarding the requirements of a project or system. This activity happens after the planning stage and does not specifically address how to plan for or monitor the project’s progress.

In contrast, decision analysis, process modeling, and structured walkthroughs are all integral to planning and monitoring. Decision analysis helps define choices and their implications, supporting strategic planning and decision-making processes. Process modeling visually represents the business processes, enabling analysts to understand and communicate the current state, identify inefficiencies, and plan for improvements. Structured walkthroughs provide a framework for reviewing and validating requirements with stakeholders, ensuring that plans remain aligned with business needs, hence facilitating effective monitoring of the overall process.